WINNER: Motorola and CEO Sanjay Jha

MIXED: Google is probably a loser here ...

Google just paid $12.5 billion for a patent portfolio. Sound like a good deal? Not really. But it also gets a handset maker. So that makes it a good deal, right? Well, this is a low margin business with 19,000 employees and factories around the world. Not exactly the same thing as search and advertising. Is this what Google wants to do?

WINNER: Carl Icahn made $415 million on this deal

Icahn has been involved with Motorola since 2006, fighting with the company's board, trying to get something out of it all. Well, it finally paid off. He's getting $415 million on this one.

WINNER: Analyst Ben Bajarin who called this deal a week ago

Ben Bajarin, who is Director of Consumer Technology Analysis and Research at Creative Strategies, Inc, laid out why Google should buy Motorola on August 2. All of his reasons were spot on.

WINNER: Nokia's stock is up and people think Microsoft will buy it

Nokia's stock popped in reaction to the news. We don't think Microsoft has to buy Nokia as a reactionary move, but we do think this will strengthen their bond. Of course ... Microsoft could buy it as a defensive move. The two companies are tied together. If Windows Phone does well on Nokia, Microsoft should enjoy the upside.

WINNER: Apple has a tougher time suing Android, but its rival just made a big risky move

Apple comes out of this transaction in decent shape. You could argue that it will have a hard fight on its hands in the long run as Motorola works on more Android devices. However, we don't believe Google or Motorola have built any exceptional devices and nothing's going to change that.

We're calling Apple a winner because it forced Google to take this risky $12.5 billion bet.

LOSERS: FTC employees

The FTC thought it would have a few weeks to just relax and take a vacation. Nope! Back to work, thanks to Google. (h/t: Dan Primack)

LOSERS: HTC, Samsung, other Android partners

No matter what Google says, Motorola is going to get favourable treatment with Android in the future. This has to infuriate Samsung, and HTC, two of its biggest Android partners to date. Unfortunately for them, there's aren't a lot of options out there. They could work with Microsoft, but it's committed to Nokia, and it's not like Windows Phone is lighting the world up.

SHORT TERM WINNER: RIM's stock popped

RIM's stock popped when investors heard about Google buying Motorola. We're not sure how long that pop can last. There isn't a logical buyer out there for RIM. In the long term, RIM is a loser, no matter what, and this deal doesn't change anything.

MIXED: Microsoft might be a big winner, it might be a big loser

Microsoft's rival is spending $12.5 billion to enter a business it doesn't understand. That should be a big win, right? Well, maybe. If A. Google does great things with the hardware, it's going to be bad for Microsoft, and B. Google did this because mobile software is not a good business, then it's also bad for Microsoft which is trying to figure out how to survive in the mobile software business.

BONUS LOSER: Mike Lazerow And Buddy Media

Buddy Media, which is a Facebook marketing company, just announced it raised $54 million at a $500 million valuation. It probably thought it was going to have the morning news cycle to itself. Oops!

This is what Google just bought ...

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